Vanguard Group Inc. Acquires 268,662 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Vanguard Group Inc. raised its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 0.9% during the 4th quarter, Holdings Channel reports. The fund owned 28,662,609 shares of the company’s stock after purchasing an additional 268,662 shares during the period. Vanguard Group Inc.’s holdings in PDD were worth $2,779,986,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new stake in PDD in the fourth quarter valued at approximately $39,000. Brooklyn Investment Group lifted its holdings in shares of PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after purchasing an additional 405 shares during the last quarter. Global Retirement Partners LLC grew its stake in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after buying an additional 498 shares during the last quarter. Farther Finance Advisors LLC increased its position in PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after buying an additional 132 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after buying an additional 249 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Down 2.2 %

Shares of PDD stock opened at $125.25 on Wednesday. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The stock has a market cap of $172.33 billion, a P/E ratio of 12.23, a P/E/G ratio of 0.32 and a beta of 0.69. The stock has a 50 day moving average of $116.94 and a 200 day moving average of $113.86. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Benchmark restated a “buy” rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Nomura reissued a “neutral” rating and set a $130.00 target price (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Jefferies Financial Group reduced their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $169.91.

PDD Profile

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.